Press Release

January 4, 2018

Verastem Appoints Joseph Lobacki as Chief Commercial Officer

BOSTON--(BUSINESS WIRE)--Jan. 4, 2018--
Verastem, Inc. (Nasdaq:VSTM), focused on discovering and developing
drugs to improve the survival and quality of life of cancer patients,
today announced the appointment of Joseph Lobacki as Executive Vice
President and Chief Commercial Officer. Mr. Lobacki, formerly Chief
Commercial Officer of Medivation, will be responsible for overseeing the
commercial strategy and execution for Verastem’s lead product candidate,
duvelisib.

“Joseph is a skilled leader in commercializing oncology drugs,” said
Robert Forrester, President and Chief Executive Officer of Verastem.
“His strong experience in oncology and hematology commercialization and
marketing make him an invaluable addition to the Verastem team at this
critical moment for duvelisib. We look forward to his insights as we
prepare for a potential commercial launch, in parallel with our
continued preparations to submit a New Drug Application (NDA) this
quarter for the full approval of duvelisib for the treatment of patients
with relapsed or refractory chronic lymphocytic leukemia (CLL)/small
lymphocytic lymphoma (SLL), as well as accelerated approval for relapsed
or refractory follicular lymphoma (FL).”

Mr. Lobacki commented, “I am excited to be joining Verastem’s management
team at this pivotal time for the company, particularly based on the
positive Phase 3 DUO results presented at ASH. I am motivated to work
with the leadership team to execute on the launch strategy as we work
toward bringing duvelisib to market as an important new oral monotherapy
for patients in need of additional treatment options.”

Mr. Lobacki most recently served as the Chief Operating Officer of Finch
Therapeutics Group and previously as the Chief Commercial Officer and
Executive Council Member of Medivation, where he was responsible for the
strategy and execution of commercial operations including Xtandi, a
treatment for advanced prostate cancer. During Mr. Lobacki’s leadership
as Chief Commercial Officer, Medivation saw year-over-year revenue
growth for Xtandi. Previously, Mr. Lobacki was Senior Vice President and
Chief Commercial Officer of Micromet Inc., where he oversaw commercial
activities including medical affairs and strategic marketing. Prior to
joining Micromet, Mr. Lobacki was Senior Vice President and General
Manager at Genzyme Corporation, where he managed the launch of Mozobil
and Clolar/Evoltra in the US and EU. Mr. Lobacki holds a Bachelor of
Science in Biology from Boston College and a Bachelor of Science in
Pharmacy from the Massachusetts College of Pharmacy in Boston.

Equity Awards

In connection with the hiring of Mr. Lobacki, effective January 3, 2018,
Verastem granted to Mr. Lobacki stock options to purchase an aggregate
of 600,000 shares of Verastem’s common stock pursuant to the Nasdaq
inducement grant exception as an inducement material to Mr. Lobacki’s
acceptance of employment with Verastem in accordance with Nasdaq Listing
Rule 5635(c)(4). A stock option to purchase 400,000 shares of Verastem’s
common stock will vest as to 25% of the shares on the first anniversary
of the date of hire and as to an additional 6.25% of the shares at the
end of each successive three-month period following the first
anniversary of the date of hire, provided that Mr. Lobacki continues to
serve as an employee of or other service provider to Verastem on each
such vesting date. A stock option to purchase 200,000 shares will vest
in full upon achievement of certain net sales targets of duvelisib,
provided that Mr. Lobacki continues to serve as an employee of or other
service provider to Verastem on the vesting date. Both stock options
have an exercise price equal to $3.14, the closing price of Verastem's
common stock as reported by Nasdaq on January 3, 2018.

Verastem also granted stock options to five new employees to purchase an
aggregate of 93,500 shares of Verastem’s common stock. The options were
granted as an inducement material to the employees’ acceptance of
employment with Verastem in accordance with Nasdaq Listing Rule
5635(c)(4). The options have an exercise price equal to $3.21, the
closing price of Verastem's common stock as reported by Nasdaq on
January 2, 2018. The awards will vest as to 25% of the shares subject to
the options on the first anniversary of the date of hire and as to an
additional 6.25% of the shares subject to the options at the end of each
successive three-month period following the first anniversary of the
date of hire, provided that the employees continue to serve as an
employee of or other service provider to Verastem on each such vesting
date.

About Duvelisib

Duvelisib is an investigational, dual inhibitor of phosphoinositide
3-kinase (PI3K)-delta and PI3K-gamma, two enzymes known to help support
the growth and survival of malignant B-cells and T-cells. PI3K signaling
may lead to the proliferation of malignant B-cells and is thought to
play a role in the formation and maintenance of the supportive tumor
microenvironment.1,2,3 Duvelisib is currently being evaluated
in late- and mid-stage clinical trials, including DUO™, a randomized,
Phase 3 monotherapy study in patients with relapsed or refractory
CLL/SLL,4 and DYNAMO™, a single-arm, Phase 2 monotherapy
study in patients with refractory iNHL that achieved its primary
endpoint of ORR.5 Duvelisib is also being evaluated for the
treatment of other hematologic malignancies, including T-cell lymphoma,
through investigator-sponsored studies.6 Information about
duvelisib clinical trials can be found on www.clinicaltrials.gov.

About Verastem, Inc.

Verastem, Inc. (Nasdaq:VSTM) is a biopharmaceutical company focused on
discovering and developing drugs to improve outcomes for patients with
cancer. Verastem is currently developing duvelisib, a dual inhibitor of
PI3K-delta and PI3K-gamma, which has successfully met its primary
endpoint in a Phase 2 study in iNHL and a Phase 3 clinical trial in
patients with CLL/SLL. In addition, Verastem is developing the FAK
inhibitor defactinib, which is currently being evaluated in three
separate clinical collaborations in combination with immunotherapeutic
agents for the treatment of several different cancer types, including
pancreatic cancer, ovarian cancer, non-small cell lung cancer, and
mesothelioma. Verastem’s product candidates seek to treat cancer by
modulating the local tumor microenvironment, enhancing anti-tumor
immunity, and reducing cancer stem cells. For more information, please
visit www.verastem.com.

Verastem, Inc. forward-looking statements notice:

This press release includes forward-looking statements about Verastem's
strategy, future plans and prospects, including statements regarding the
development and activity of Verastem's investigational product
candidates, including duvelisib and defactinib, and Verastem's PI3K and
FAK programs generally, the structure of our planned and pending
clinical trials and the timeline and indications for clinical
development and regulatory submissions. The words "anticipate,"
"believe," "estimate," "expect," "intend," "may," "plan," "predict,"
"project," "target," "potential," "will," "would," "could," "should,"
"continue," and similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements
contain these identifying words. Each forward-looking statement is
subject to risks and uncertainties that couldcause actual
results to differ materially from those expressed or implied in such
statement. Applicable risks and uncertainties include the risks that the
preclinical testing of Verastem's product candidates and preliminary or
interim data from clinical trials may not be predictive of the results
or success of ongoing or later clinical trials; that the full data from
the DUO study will not be consistent with the previously presented
results of the study; that data may not be available when expected,
including for the Phase 3 DUO™ study; that even if data from clinical
trials is positive, regulatory authorities may require additional
studies for approval and the product may not prove to be safe and
effective; that the degree of market acceptance of product candidates,
if approved, may be lower than expected; that the timing, scope and rate
of reimbursement for our product candidates is uncertain; that there may
be competitive developments affecting our product candidates; that data
may not be available when expected; that enrollment of clinical trials
may take longer than expected; that our product candidates will cause
unexpected safety events or result in an unmanageable safety profile as
compared to their level of efficacy; that duvelisib will be ineffective
at treating patients with lymphoid malignancies; that Verastem will be
unable to successfully initiate or complete the clinical development of
its product candidates; that the development of Verastem's product
candidates will take longer or cost more than planned; that Verastem may
not have sufficient cash to fund its contemplated operations; that
Verastem or Infinity Pharmaceuticals, Inc. will fail to fully perform
under the duvelisib license agreement; that Verastem may be unable to
make additional draws under its debt facility or obtain adequate
financing in the future through product licensing, co-promotional
arrangements, public or private equity, debt financing or otherwise;
that Verastem will not pursue or submit regulatory filings for its
product candidates, including for duvelisib in patients with CLL or
iNHL; and that Verastem's product candidates will not receive regulatory
approval, become commercially successful products, or result in new
treatment options being offered to patients. Other risks and
uncertainties include those identified under the heading "Risk Factors"
in Verastem's Annual Report on Form 10-K for the year ended December 31,
2016 and in any subsequent filings with the U.S. Securities and Exchange
Commission. The forward-looking statements contained in this press
release reflect Verastem's views as of the date of this release, and
Verastem does not undertake and specifically disclaims any obligation to
update any forward-looking statements.

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